NEW YORK, Nov. 30, 2016 /PRNewswire/ --
Key facts for October
2016:
- Brooklyn's median resale price
increased 4 percent year-over-year to $566,283, the lowest appreciation in October
since 2012.
- Median resale prices in the North
Brooklyn submarket (Williamsburg, East Williamsburg,
Greenpoint) declined 1.2 percent year-over-year to $864,969.
- Manhattan's median resale
price increased 0.5 percent year-over-year to $982,042 - the slowest annual growth since
February 2011.
- Resale prices in Manhattan's
Downtown submarket, the borough's most expensive submarket,
declined 1.8 percent year-over-year to $1,197,844.
In Brooklyn and Manhattan, cooling competition is likely
heralding a slower than usual winter season for the New York housing market, according to the
October 2016 StreetEasy® Market Reportsi. Manhattan resale prices, while still
increasing, are growing at their slowest pace in five years. In
Brooklyn, competition is
decreasing. In both boroughs, fewer homes went into contract last
month than in October 2015.
In October, Brooklyn's median
resale price grew 4 percent year-over-year to $566,283, the lowest appreciation in October
since 2012ii. The number of pending sales, or homes that
went into contract, fell 12.6 percent compared to this time last
year, an even greater decline than recorded the year
prioriii.
Competition decreased most notably in Brooklyn's highest-priced submarket,
North Brooklyn, which is comprised
of Williamsburg, East Williamsburg and Greenpoint. North Brooklyn was the only submarket in the
borough where resale prices fell, decreasing 1.2 percent
year-over-year to $864,969 in
October. All other Brooklyn
submarkets recorded median resale price increases exceeding 4
percent.
In other signs of waning competition, the North Brooklyn submarket had the highest share
of price cuts among all other submarkets at 44.3 percent. Sellers
received 92 percent of their asking price, down from 99.6 percent
in October of last year. Homes in the area also took longer to go
into contract than this time last year, with median time on market
increasing from 35 days to 88 days - more than double the median of
any other Brooklyn submarket.
Homes in Williamsburg, in particular, took a median of 90 days to
go into contract.
Manhattan's median resale price
increased 0.5 percent since last year to $982,042, the slowest pace of annual growth since
February 2011. Similar to
Brooklyn, fewer homes went into
contract this October than in years past, with the number of
pending sales dropping 16.2 percent year-over-year, compared to a
drop of only 1.2 percent in 2015.
Resale prices in the Downtown submarket, the borough's most
expensive submarket, declined 1.8 percent year-over-year to
$1,197,844. By contrast, resale
prices in Upper Manhattan grew 3.2 percent year-over-year, followed
by Midtown (1.7 percent), the Upper West Side (1.0 percent) and
Upper East Side (1.0 percent). Homes in the Downtown submarket took
a median of 13 days longer to go into contract than this time last
year.
"Approaching winter, high-end sellers are already cutting prices
as they adjust to a more restrained market. Buyers looking in
formerly ultra-competitive areas may find the ball is back in their
court," said StreetEasy economist Krishna
Rao. "In Williamsburg, it will be particularly interesting
to see if price declines continue as the L-train closure
approaches. For those who don't mind dealing with restricted
transit options over the next few years, this could present an
opportunity for investment that will ultimately pay off."
The complete StreetEasy Market Reports for Manhattan and Brooklyn with additional analysis,
neighborhood data and graphics can be viewed at
streeteasy.com/blog/market-reports.
Region
|
October
2016
StreetEasy Price
Index
|
Annual
Change
|
October 2016
StreetEasy Rent
Index
|
Annual
Change
|
Manhattan
|
$982,042
|
0.5%
|
$3,283
|
2.5%
|
Downtown
|
$1,197,844
|
-1.8%
|
$3,703
|
3.0%
|
Midtown
|
$861,582
|
1.7%
|
$3,418
|
2.9%
|
Upper West
Side
|
$1,068,907
|
1.0%
|
$3,160
|
1.7%
|
Upper East
Side
|
$997,796
|
1.0%
|
$2,757
|
1.5%
|
Upper
Manhattan
|
$618,367
|
3.2%
|
$2,414
|
4.5%
|
Brooklyn
|
$566,283
|
4.0%
|
$2,909
|
1.3%
|
North
Brooklyn
|
$864,969
|
-1.2%
|
$3,146
|
-0.8%
|
Northwest
Brooklyn
|
$854,868
|
4.3%
|
$3,078
|
1.4%
|
Prospect
Park
|
$800,906
|
4.9%
|
$2,853
|
1.7%
|
South
Brooklyn
|
$426,633
|
5.5%
|
$1,714
|
1.9%
|
East
Brooklyn
|
$490,597
|
5.2%
|
$2,506
|
3.6%
|
About StreetEasy:
StreetEasy is New York
City's leading local real estate marketplace on mobile and the
web, providing accurate and comprehensive for-sale and for-rent
listings from hundreds of real estate brokerages
throughout New York City and the
major NYC metropolitan area. StreetEasy adds layers of
proprietary data and useful search tools to help home shoppers and
real estate professionals navigate the complex real estate markets
within the five boroughs of New York City, as well
as Northern New Jersey and the Hamptons.
Launched in 2006, StreetEasy is based in the Flatiron
neighborhood of Manhattan. StreetEasy is owned and operated by
Zillow Group (NASDAQ: Z and ZG).
StreetEasy is a registered trademark of Zillow, Inc.
i The StreetEasy Market Reports are a monthly
overview of the Manhattan and
Brooklyn sales and rental markets.
Every three months, a quarterly analysis is published. The report
data is aggregated from public recorded sales and listings data
from real estate brokerages that provide comprehensive coverage of
Manhattan and Brooklyn, with most metrics dating back to
1995 in Manhattan and 2005 in
Brooklyn. The reports are compiled
by the StreetEasy Research team. For more information, visit
http://streeteasy.com/blog/market-reports/. StreetEasy tracks data
for all five boroughs within New York
City, but currently only produces reports for Manhattan and Brooklyn.
ii Methodology of StreetEasy's Price Indices here:
http://streeteasy.com/blog/methodology-streeteasy-price-indices/
iii "Pending sales" refers to the number of homes in
contract at a given time.
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SOURCE StreetEasy